VT Demographics forecasts, VT housing make up. Challenges to workforce housing and development

1. Demographics & Housing
Envisioning the Future of Vermont Living

2. 62.0%
64.0%
66.0%
68.0%
70.0%
72.0%
74.0%
1990 1995 2000 2005 2010 2015
Vermont
US
Workforce Participation

3. 0
25
50
75
100
125
150
175
200
225
1990 2000 2010 2020 2030 2040 2050
AgeCohorts(thousands)
25-44 Years 45-64 Years Over 65
5-19 Years 20-24 Years
Source: EPR population forecasts for VTrans Long
Range Plan (summer 2016)
Population

4. -2000
-1000
0
1000
2000
3000
4000
5000
2000 2002 2004 2006 2008 2010 2012 2014 2016
Population - annual dynamics
2017
Natural increase: 300
Net migration: 15

5. Shifting Gears
Demographics
Economic
Changes
Social
Changes
What does the workforce
gap and changing
demographics mean for
housing and development?

6. What is your Development Outlook?
1 to 3 years
4 to 10 years
Q: Live polling

8. Housing Trends
• Household occupants are aging throughout state
• Smaller units in demand
• Population is consolidating in urbanized areas
• Workforce and affordable housing is a challenge

9. 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
Living Alone Households with
children under 18 at
home
More than one adult no
children at home
Vermont Resident Household Profiles
2000
2017

10. Average annual estimated rate of growth since 2010 - Vermont

11. Average annual estimated rate of growth since 2010 - Chittenden County

12. Building
Homes
Together
Goal:
Average of 700 new
homes/year for five years.
Over the first two years, 1,613
new homes were built.
Not included: UVM net student
housing of 304 beds.
Chittenden County

13. Affordable units?
Chittenden County

14. Policies and Actions
• The recent bond past last year will be a benefit to
the affordable housing gap. It was only the start of
what is necessary.
• What are the policies and actions that we need to
start considering as we strive to meet both market
and affordable housing demand?

15. Q: What can be done to speed up housing
construction?
Identify Opportunities as well as Constraints
Open Ended
Responses

16. Responses Votes
Reduce or remove min. parking stds. 6
Allow higher density developments 5
Public financing 4
Development zones that provide incentives for developers—more density and
fewer regulations. 4
Property tax fund 3
Lease to purchase programs 3
Making permitting less complex 3
State new market tax credits
Targeted equity funds 3
Incentivize growth centers and make permitting easier 3
Inclusionary zoning 2
Linkages fees 2
$$$$ 2
Decrease Act 250 regulation of housing projects 2
Reduce per unit fees such as school, parks and rec, water connection, sewer
allocation, traffic impact etc... 2

17. Responses Votes
More flexible building codes 1
Eliminate growth management 1
TIF funding 1
Subsidies for down payment for home buyers 1
Make more money available in counties outside Chittenden. 1
Easier for ADUs 1
Attract developers to rural areas 1
Use conventional financing mechanisms to Encourage owner occupied
housing such as 2 over 2 units. This can increase homeownership rates
and revitalize existing areas 1
Make ANR permits dispositive in Act 250 proceedings. Create better
coonsistency among district commissions. 1
Incentivize smart building and energy efficiencies. 1
Support local housing committees.
Develop housing toolkit to guide regional and local plans.
Support regulatory reform for quality, affordable, walkable housing. 1
Lower land cost 1
Tax incentives for skilled trades job creation 1

18. Q: What policies should be pursued around
workforce housing? (rank)
A. State funding for building new units
B. Funding for weatherization and retrofitting of existing
homes.
C. Alternative funding arrangements
(linkage fees, additional bonding, etc.)
D. Development incentives for communities to identify
locations, bonus densities, and pre-approvals suitable for
affordable housing
Prioritize by allocate your 100
points to various options

20. Q: What are the best tools for financing
affordable housing (rank)
Prioritize by allocate your 100
points to various options
A. Local housing trust fund
B. Tax increment financing
C. Land donation
D. State grant funds (VHCB, VCDB)
E. Inclusionary zoning
F. Reduced impact fees
G. Linkage fees
H. Others – tell us more

22. QUESTIONS?
SPEAKERS
Betsy Bishop
Vermont Chamber of Commerce
bbishop@vtchamber.com
Jonathan Slason
RSG
Jonathan.Slason@rsginc.com